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AEW Capital Management of Boston acquired the portfolio's 28 Texas-based properties, while funds managed by The Blackstone Group of New York City purchased the portfolio's 68 properties located in 10 high-growth markets across the United States.
The deal has an enterprise value of $152.25 million. The acquisition, which is expected to close in October, includes a substantial corporation tax value of more than $13 million.
"Buyers or investors are always looking for a good ROI and so they have to consider various factors including whether or not rent control is a factor and of course, good rents."